Ola Electric Mobility is riding high on success, reporting a 34% increase in revenue to ₹1,718 crore in the June quarter. The company also achieved its highest-ever vehicle deliveries, signaling strong demand and market confidence. With strategic initiatives like in-house battery integration and an upcoming electric motorcycle launch, Ola Electric is poised for continued growth.
Bengaluru – Ola Electric Mobility is electrifying the market with impressive growth, announcing a remarkable 34% surge in revenue to ₹1,718 crore for the June quarter compared to the same period last year. This significant increase underscores the company's growing dominance in the electric vehicle (EV) sector.
The quarter was marked by a record-breaking number of vehicle deliveries, with 1,25,198 units reaching customers, a substantial leap from the 70,575 units delivered in the corresponding period last year. This exceptional performance is attributed to the company's successful ramp-up of deliveries for its mass-market scooter portfolio (S1 X portfolio), which has fueled accelerated growth.
Beyond the S1 X portfolio, the existing product line-up, including the S1 Pro, S1 Air, and S1 X+, continues to experience robust demand, maintaining strong growth momentum throughout the quarter. This sustained interest in Ola Electric's diverse range of scooters demonstrates the company's ability to cater to a wide spectrum of consumer preferences.
Looking ahead, Ola Electric is taking strategic steps to further optimize its operations and reduce costs. The company plans to begin integrating its own battery cells into its vehicles starting in the June quarter of the next financial year. This move is expected to be pivotal, as batteries constitute approximately 35% of an electric vehicle's overall cost, offering significant potential for savings and enhanced efficiency.
Adding to the excitement, Ola Electric is gearing up to launch its highly anticipated electric motorcycle portfolio across both mass and premium segments. This launch is scheduled for Thursday and is expected to further solidify Ola Electric's position as a leader in the EV market.
Ola Electric's stock price also reflected investor confidence, closing at ₹110.9 per share on Wednesday, a 2.6% increase from the previous close of ₹108 per share. This positive market response, coupled with the company's strong financial performance and strategic initiatives, paints a promising picture for Ola Electric's future.
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